What kind of things do you look at in deciding which scenario will happen first: deflation or inflation? Money supply, government deficits, trade deficits, inflation figures, the financial markets, and government policy. I look at all those things for the U.S. and key foreign countries as well. It is one big, three-dimensional puzzle. However, if you had a three-dimensional puzzle, you could eventually put it together. But this puzzle is not one in which you can spread out the pieces on a great big table and put them all together. The picture is always changing. Every day some pieces get taken
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